Cramer praised Ben Bernanke as an "historian" of the Great Depression and a Fed Chairman who is determined not to repeat historical mistakes; Bernanke declared he would not raise interest rates, and they will remain at close to zero percent. “This guy is not going to raise until people start getting hired,” Cramer said. “Too many people are unemployed.”

Cramer also felt it was accurate to describe housing starts as "depressed;" at least this will prevent the government from being too quick to sell mortgage-backed securities and pushing up mortgage rates.

Where the market will go now depends on the fate of healthcare reforms. Even in a worst-case scenario of the reforms passing, Cramer says there are opportunities in tech, as demonstrated by "the significant breakout" in Intel (INTC). Apple (AAPL) releases its iPad in two weeks, and Cramer likes Ford (F) or more specifically, Ford's preferred shares (F-PS).

One government reform Cramer is behind is listing credit default swaps on exchanges, and he believes this provision may be the sole survivor of the financial reform bill. The provision will be great news for NYSE Euronext (NYX).

Cramer thinks JP Morgan (JPM) is "the cheapest and the best bank" and thinks Wal-Mart (WMT) might be a buy for those who don't think card check (union reform) will pass. However, Cramer cautioned "card check is not dead yet" and a good strategy is to wait and see what happens to healthcare reform first.

A fan of natural gas, Cramer feels the anti-coal EPA was a big factor in CONSOL Energy's (CNX) decision to expand beyond coal and to buy Dominion's (D) Marcellus shale to produce natural gas. "They wanted to take the risk out of their business," said Cramer.